NY Times: Marijuana Taxes and the Fiscal Cliff

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December 10, 2012

NY Times: Marijuana Taxes and the Fiscal Cliff

New York Times:  A Look at Taxing Marijuana:

Here’s a thought for a tax increase that might at least break some of
the tension in the room between President Obama and John Boehner: a
marijuana tax. …

The fact that some states are starting to relax their marijuana laws got analysts at the Tax Policy Center thinking. What if the drug were legalized nationwide and taxed?

The center looked at two studies, one of which
estimated that a marijuana tax could bring in $9 billion a year in
state and federal tax revenues and save roughly the same amount on law
enforcement. … Another study,
which used the approximate tax on cigarettes as a benchmark, estimated
that a marijuana tax could bring in $1.4 billion to California alone.

(Hat Tip: Mike Talbert.)

December 10, 2012 in Tax | Permalink

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